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Silver Price Forecast – Silver markets choppy on Thursday

Silver markets went back and forth during the trading session on Thursday, as we continue to see a lot of choppiness and indecision around the financial markets. With the ISM nonmanufacturing numbers missing in America, we got a little bit of a burst higher, but shortly thereafter we calmed down.
Christopher Lewis
Silver daily chart, October 04, 2019

Silver markets went back and forth during the trading session on Thursday, showing signs of confusion and exhaustion as we ended up being relatively neutral. If that’s going to continue to be the case, then it’s very likely that the market will eventually find a reason to make a move. The jobs number on Friday will certainly be that reason, and as a result there are several levels that I am paying attention to on the chart. The initial levels to pay attention to underneath will be the 50 day EMA at the $17.45 level, the $18.00 level above, and of course the $17.00 level underneath. Ultimately, this is a market that will continue to be very erratic, but also very sensitive to risk appetite in general.

SILVER Video 04.10.19

If we do break above the $18.00 level, and I should state after the jobs number, then the market is likely to go looking towards the $18.75 level, and then possibly even the highs. To the downside, the 200 day EMA is currently sitting right around the $16.20 level, and that should also support the market. However, if we break down below the $17.00 level on more than likely going to step on the sidelines and give it a couple of days to find stability. If we do not find that stability, then I’m perfectly fine sitting on the sidelines and letting silver do its thing. However, we do get a bit of bullish pressure, then I’m willing to jump in.

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